Monday, July 15, 2013

College Students and Credit

More than half of college students' sign up for credit cards and most of those carry two or three while they are at school, according to the Insurance Information Institute. Sabrina Marshall of the University of Maryland says her institution hopes that students will leave school with a college degree not years of debt from loans and credit cards. Linda Goladner of the National Consumers League says students should understand that their personal credit history begins with that first credit card. It's extremely important to build and maintain a solid credit history, she says, as employers, landlords, and banks consider credit an accurate predictor of whether or not an applicant will pay their bills on time. The average college student leaves school $20,000 in debt says James Godfrey of the Consumer Credit Counseling Service. He says in addition to learning how to be a doctor or a lawyer, students need to learn Person Finance 101 as well.

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